YanchDey & Associates
Toronto Bankruptcy & Insolvency Trustees
We welcome the opportunity to talk and discuss any debt or insolvency issue. No obligation or fee for advice from our licensed Insolvency Trustees. Call us today!
1504 Markham Road
Monday to Friday
09:00 AM – 05:00 PM
Saturday & Sunday By Appointment
Evenings by appointment
What is a Consumer Proposal?
- a government approved program
- to pay creditors a reduced amount of the debt owed
- on unsecured debt, credit cards ect,
- over a 3-5 year period
In a consumer proposal, the proposal administrator makes an agreement with the unsecured creditors (e.g. credit card companies) to pay only a percentage of what is owed, over a 3 to 5 year period.
The payment is based upon what you can afford to pay and creditor expectations. The amount is negotiated for you by the insolvency trustee, acting as the consumer proposal administrator.
In a proposal, most people will save about 70% of the debt owed. For example, if you owed $10,000 your debt could be dropped to $3,000 payable over 5 years. Without any fees or interest added!
Personal & Business Bankruptcy
Bankruptcy in Ontario is a legal process under the Bankruptcy & Insolvency Act.
The bankrupt agrees to surrender non-exempt belongings to the trustee, in exchange for the elimination of their debts.
Give us a call, we’ll be happy to review your issues with you, with no fee or obligation.
Toronto Bankruptcy & Insolvency FAQs
What does the bankruptcy trustee do?
Our Toronto bankruptcy trustees, are insolvency trustees, licensed professionals by the Canadian government to administer bankruptcy and proposal proceedings in Ontario. Our role is to help individuals and businesses facing overwhelming debt and insolvency. We assess your financial situation, and provide you with debt relief options. We administer the consumer proposal or bankruptcy, filing necessary paperwork, and acting as an intermediary between you and your creditors.
Why a Toronto bankruptcy trustee over other debt relief options?
Insolvency trustees are regulated by the federal government, ensuring they adhere to strict ethical standards. Only licensed insolvency trustees can provide you with a debt solution like a consumer proposal or filing for bankruptcy. We’ve been helping people for over 25 years and pride ourselves on providing clear honest advice to solve your debt issues. Give us call and lets just talk about how we can help you.
How does a bankruptcy trustee help if I am facing insolvency?
Whether you’re facing insolvency, debt problems, or even garnishment of wages, our Toronto bankruptcy trustees are here to offer expert advice.
If your business is buried in debt, we’re ready to show you on the best way to smoothly transition through a business bankruptcy. Once you’ve made the decision to file for bankruptcy or a consumer proposal, we manage the process and liaise with your creditors. The trustee will ensure all actions are in line with the Bankruptcy and Insolvency Act, safeguarding your rights and interests.
How does bankruptcy affect my credit rating?
When you declare bankruptcy in Ontario, Canada, it will have a significant impact on your credit rating. Here’s how:
Credit Score Impact: Bankruptcy will be noted on your credit report and it will substantially lower your credit score. In Canada, credit scores range from 300 to 900. A bankruptcy will likely result in your score falling to the lower end of this range.
Duration of the Impact: A first-time bankruptcy will stay on your credit report for six years after you have been discharged if you’re using Equifax, while for TransUnion it’s seven years. If it’s not your first bankruptcy, it could remain on your credit report for up to 14 years.
New Credit: With a bankruptcy on your record, it will be more difficult to get approved for new credit during the period it remains on your credit report. This includes not only credit cards but also personal loans, car loans, and mortgages.
Interest Rates: If you are able to obtain new credit, lenders may view you as a high-risk borrower and charge you higher interest rates.
However, it’s important to remember that bankruptcy also gives you a clean slate to start rebuilding finances and your credit. We find that most people considering bankruptcy already have credit rating issues. By taking steps such as paying bills on time, getting a secured credit card and using it responsibly, or obtaining a small loan and making regular repayments, you can gradually rebuild your credit over time.
What does bankruptcy or a proposal cost?
The cost of hiring a bankruptcy trustee is regulated by the government and is typically based on your income, assets, and the complexity of your financial situation.
There are no upfront fees and there is no cost to speak to a trustee. The trustee can review your finances and provide a clearer picture of the best option for you or your business. It’s important to remember that, in most cases, fees are included in the payments made through your bankruptcy or proposal.
Where you have a question or would like to discuss you situation, the first step is to just give us a call. Let’s just have a conversation first…
Located on Markham Road just north of Highway 401 within the OTT Legal building, free parking is available.
1 week ago
★★★★★ Searched for debt relief and found the help I needed, We saved $25k and will be out of debt in 5 years. Many Thanks
3 weeks ago
★★★★★ The credit card interest just kept growing, we weren’t reducing it. I spoke to YanchDey and they got it dropped by $15,000, we will be out of debt in 3 years, Highly Recommend
2 months ago
★★★★★ I called thinking I’d be filing for bankruptcy, instead I saved over 20k in debt. I’m in a consumer proposal, and avoided the bankruptcy. The garnishee was stopped, only thing I lost was the huge debt. Will be debt free in 5 years!
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- Consumer Proposals Toronto
- Toronto Bankruptcy Trustees
- Credit Counselling Toronto
- Debt Reduction Toronto